Raymond James Settles SEC Charges for Improper Advisory Fees

According to a press announcement yesterday, Raymond James & Associates, a unit of Raymond James Financial Inc., has agreed to pay $15 million to settle charges it improperly charged advisory fees on inactive retail client accounts and charged excess commissions for some brokerage customer investments.

The SEC reportedly claims Raymond James failed to consistently perform reviews of inactive advisory accounts, failing to determine whether the client’s fee-based account was suitable. The firm also reportedly applied the wrong pricing data to some investments, causing clients to overpay fees.

Raymond James Lawsuits

In June 2019 we told you that Raymond James has agreed to pay $15 million to settle two consolidated lawsuits that accused the firm of overcharging its clients in “passport” accounts.

The original lawsuit, filed in 2015 by Raymond James client, alleged that the firm inflated processing fees by up to 10 times in passport accounts, or self-directed accounts. The client asserted breach of contract and negligence but the case was dismissed in 2016 only to have the court reverse and remand it due to a successful appeal.

If you are concerned about your investments with Raymond James & Associates, the securities attorneys at The White Law Group may be able to help you.

Free Consultation

If you are concerned about your investments with Raymond James & Associates, the securities attorneys at The White Law Group may be able to help you.For a free consultation, please call The White Law Group’s office at 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, please visit http://whitesecuritieslaw.com.